On Friday, the Labor Department reported that the U.S. economy added nearly 400,000 jobs on net in February. The unemployment rate dropped to 6.2%, even as governments shed 86,000 jobs.
The number of people quitting jobs increased, evincing increased confidence on the part of workers that opportunities are available. And the number of discouraged workers, those dropping out of the labor force due to a lack of jobs, plunged by 16%.
These data point to a national economy that is on pace for a full recovery. Indeed, it is quite impressive that such strong numbers are possible even as some large states, such as New York and California, persist with unnecessary and ineffective coronavirus-related lockdowns of their economies.
Amid all this good news is a message for President Biden, if he dare listen. A booming job market signifies that the economy has already been stimulated enough.
Yes, there is still a good way to go to reach the booming pre-pandemic job market. But at the very least, there is no need for Congress to produce further trillions in government economic stimulus on top of the $4 trillion that has already been spent.
Both parties correctly recognized that the novel coronavirus presented an unusual crisis. Government wanted people to stop working and doing business in order to prevent the spread of a disease. Congress appropriately stepped in with relief funds in order to make such temporary idleness possible. It was a moment when overspending actually made some sense.
Uncle Sam has already sent debit cards to wage earners and two rounds of checks to business owners. The time for such drastic action is now in the rearview mirror. The end of the pandemic is imminent. As the number of people already vaccinated increases, the remaining state and local government-imposed economic restrictions will be rescinded.
Already, those who want jobs are mostly back to finding them. The unemployment rate, although still higher than it was last February, has returned to a level that was once considered normal. This picture will only improve as the economy reopens in more and more states.
This is good news for Biden, for Democrats, for Republicans — for everyone, really. And it means that the only stimulus necessary at this point is the reopening of the economy and the scaling back of coronavirus restrictions.
We urge President Biden to take the victory, and to share it with taxpayers by canceling plans for a further $1.9 trillion in spending.
